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Failure by a minor to give public notice within six months will have following effect.
- a)The partnership becomes an illegal association
- b)The partnership firm stands dissolved.
- c)Minor automatically becomes partner
- d)Minor automatically ceases to be a partner
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
Failure by a minor to give public notice within six months will have f...
Generally a minor can be admitted as a partner in a partnership firm for the benefits of the firm and after joining as a partner if he becomes a major then he had an opportunity that is he can leave the firm or he can continue as a full fledged partner for this he had to give a public notice about his opinion either continue or end. if he fails to do so then he automatically becomes the partner of the firm and his liability will be in a retrospective manner that is he will be liable to all the acts of the firm from it's establishment hence option C will be the correct answer
Community Answer
Failure by a minor to give public notice within six months will have f...
Effect of Failure by a Minor to Give Public Notice within Six Months
When a minor is admitted to a partnership firm, certain legal obligations and restrictions apply. One such requirement is the obligation to give public notice of their admission within six months. Failure to comply with this requirement will have the following effect:
The Minor Automatically Becomes a Partner
If a minor fails to give public notice of their admission within the prescribed timeframe, they will automatically become a partner in the firm. This means that their rights, liabilities, and obligations as a partner will come into effect. Despite being a minor, they will have the same legal standing as other partners in the firm.
Reasoning Behind the Effect
The reason behind this provision is to protect the interests of the minor and ensure that they are not taken advantage of by the other partners. By making the minor's admission public, it allows third parties to be aware of the minor's involvement in the partnership. This knowledge can help prevent any misconduct or exploitation of the minor's rights.
Legal Implications
Once the minor becomes a partner, they will have the right to participate in the management and decision-making processes of the firm. They will also be entitled to a share of the profits and will be responsible for their share of the losses incurred by the partnership.
However, it's important to note that the minor's liability as a partner is limited to the extent of their capital contribution. They are not personally liable for any debts or obligations of the partnership beyond their capital investment.
Conclusion
In conclusion, if a minor fails to give public notice of their admission within six months, they will automatically become a partner in the firm. This provision is in place to protect the rights of the minor and ensure transparency in the partnership. Despite being a minor, they will have the same rights and responsibilities as other partners, but their liability will be limited to their capital contribution.
When a minor is admitted to a partnership firm, certain legal obligations and restrictions apply. One such requirement is the obligation to give public notice of their admission within six months. Failure to comply with this requirement will have the following effect:
The Minor Automatically Becomes a Partner
If a minor fails to give public notice of their admission within the prescribed timeframe, they will automatically become a partner in the firm. This means that their rights, liabilities, and obligations as a partner will come into effect. Despite being a minor, they will have the same legal standing as other partners in the firm.
Reasoning Behind the Effect
The reason behind this provision is to protect the interests of the minor and ensure that they are not taken advantage of by the other partners. By making the minor's admission public, it allows third parties to be aware of the minor's involvement in the partnership. This knowledge can help prevent any misconduct or exploitation of the minor's rights.
Legal Implications
Once the minor becomes a partner, they will have the right to participate in the management and decision-making processes of the firm. They will also be entitled to a share of the profits and will be responsible for their share of the losses incurred by the partnership.
However, it's important to note that the minor's liability as a partner is limited to the extent of their capital contribution. They are not personally liable for any debts or obligations of the partnership beyond their capital investment.
Conclusion
In conclusion, if a minor fails to give public notice of their admission within six months, they will automatically become a partner in the firm. This provision is in place to protect the rights of the minor and ensure transparency in the partnership. Despite being a minor, they will have the same rights and responsibilities as other partners, but their liability will be limited to their capital contribution.
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Failure by a minor to give public notice within six months will have following effect.a)The partnership becomes an illegal associationb)The partnership firm stands dissolved.c)Minor automatically becomes partnerd)Minor automatically ceases to be a partnerCorrect answer is option 'C'. Can you explain this answer?
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Failure by a minor to give public notice within six months will have following effect.a)The partnership becomes an illegal associationb)The partnership firm stands dissolved.c)Minor automatically becomes partnerd)Minor automatically ceases to be a partnerCorrect answer is option 'C'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Failure by a minor to give public notice within six months will have following effect.a)The partnership becomes an illegal associationb)The partnership firm stands dissolved.c)Minor automatically becomes partnerd)Minor automatically ceases to be a partnerCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Failure by a minor to give public notice within six months will have following effect.a)The partnership becomes an illegal associationb)The partnership firm stands dissolved.c)Minor automatically becomes partnerd)Minor automatically ceases to be a partnerCorrect answer is option 'C'. Can you explain this answer?.
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